Adeer pens contract to market, sell land plot in Jeddah

Adeer signs 4-year contract for 454,330 sqm undeveloped land

Adeer Real Estate Co. signed on Dec. 1 a four-year contract with Hamad bin Abdullah Al Muhaisen, Nahdat Al Mashaeir Co., and others to market and sell their undeveloped land in Al Kawthar District, Jeddah, with a total area of 454,330 square meters.

In a statement on Tadawul, Adeer said the contract value, as an approximate percentage, represents 8% of its revenue based on the latest approved annual financial statements.

The contract is expected to have a positive financial impact upon completion of the property sale, title transfer to the buyer, and collection of company fees, the statement added, noting that there are no related parties to the deal.